The definitions contained in chapter 3-12 apply to this chapter unless otherwise specified. In addition, the following terms used in this chapter mean:

(1) “Account,” the record for each participant reflecting the amount of the participant’s special pay transmitted to the fund, allocated investment gains and losses thereon, and administrative charges against those amounts;

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

(2) “Accounting date,” the date on which an investment is valued and the total investment return is allocated to a participant’s account;

(3) “Board,” the South Dakota Retirement System Board of Trustees as established under § 3-12C-203;

(4) “Executive director,” the executive director of the South Dakota Retirement System as provided in § 3-12C-209;

(5) “Fund,” the South Dakota special pay fund established pursuant to § 3-13A-3;

(6) “Normal retirement date,” the date a participant may retire pursuant to the provisions of chapter 3-12C without reduced benefits;

(7) “Participant,” a terminated employee of a participating unit who has reached the calendar month before the month of the employee’s fifty-fifth birthday and who received six hundred dollars or more in special pay;

(8) “Participating unit,” the State of South Dakota, the South Dakota Board of Regents, or any other political subdivision of the state that participates in the program;

(9) “Plan year,” a calendar year ending on December thirty-first;

(10) “Program,” the South Dakota Special Pay Retirement Program created pursuant to §§ 3-13A-1 to 3-13A-25, inclusive;

(11) “Special pay,” compensation other than regular salary or wages granted to a participant and transferred in a lump-sum to the fund at the termination of the participant’s employment;

(12) “Third-party administrator,” a person who, pursuant to contract, handles administration of the program on behalf of the board and the executive director;

(13) “Vendor,” a person or organization selected by the state investment officer to provide investment or insurance products to the program.

Source: SL 2004, ch 43, § 2; SDCL § 3-12-166; SL 2005, ch 28, § 1; SL 2006, ch 22, § 1; SL 2008, ch 20, § 18; SL 2013, ch 20, § 19; SL 2013, ch 22, §§ 1, 2; SL 2016, ch 31, § 54.